Artificial intelligence is cool, market intelligence is cooler

There’s a big race in marketing to drive artificial intelligence into their channels and consumer facing products. Especially with rise of chatbots, which has become the perfect interface to speak to an AI product. Marketers should be looking carefully at AI but new technologies are providing value in even better corners of the marketing spectrum. The one area that I think will add the most value to marketers is in market intelligence. Over the past few years marketers have gained the ability to check and measure many more data points than ever before. Primarily, marketers measure these within their channel planning structures. Measuring the success of each marketing channel in detail. It’s a massive benefit and a big opportunity for business to understand each channel better. The evolution of marketing data Today we’re seeing new tools on the market like Linkbundle and Tableau that are helping marketers converge their data points together, beyond the silos of their channels. In simple terms, technology is opening the door for marketing teams to understand their marketing efforts at a much higher level than just channel specific metrics. This is an important step for marketers because channel specific metrics are limiting the value of these metrics. Think about it like this: Your customer attends your event where you’re promoting a product. Some consumers purchase the product at the event and that’s easy to measure, but others who don’t by share the event in social networks and chat groups, these conversations lead to foot traffic...

Improving the relationship between data analysts and marketers

Data analysts and marketers historically have not needed to work closely together… today, that has changed. Data analysts have become some of the most valuable people in your marketing team as they can help brands understand consumer motives faster, build intuitive interfaces and trigger customer actions, all by using data effectively. In our last Digital Swarm event we discussed the need for marketers and agencies to build relationships with the data analysts in our business. Most marketing teams don’t yet have full-time analysts employed, so they are reliant on their business analysts to fill the gap in their team. Initially we see marketers focusing on mission critical exercises to build marketing competencies that drive innovation and consumer centricity. A few of these mission critical aspects are discussed here, but are summarised as: Collecting consumer information Consumer information is vast and comes in various forms. Market research companies present deep insight into consumers through reports, catalogues and online systems. This information is a combination of data driven insight and qualitative assessment. While it may be difficult to drive this into our data infrastructure, marketers will benefit from being able to make this information available to their wider stakeholder network. Aggregating siloed data Every marketer is measuring every aspect of the marketing plan, but very rarely are they able to break these reporting techniques out of their respective silos and see the data together. New start-up technologies are starting to answer these questions and we are seeing some products become available that...

How Data Helps Marketers Be More Innovative

Is it possible that marketers are out there raving about how data is the future, yet secretly hiding behind ‘data complexity’? All signs point to yes, and this is because they have not yet found out how to harness data in their marketing initiatives just yet. In essence, we believe in the impact of data but aren’t sure how it fits into our world yet. It’s more of a futurist idea than a real value-add today. As marketers, we’re in the business of behaviour change and The Fogg Behavior Model shows that three elements must converge at the same moment for a behavior to occur: Motivation; Ability; and Trigger. When a behaviour change does not occur, at least one of those three elements is missing. So, how can data equip us in each of these elements? Motivation: Every BIG IDEA in marketing is entered around key consumer insight, the motivating factor for change. It speaks to the heart of people and it the central reason for the success of an idea. The trouble is that it takes time to identify the key insights and build creative ideas around them. In today’s world of instant consumers, we are facing a challenge as marketers to understand customer insights and consumer shifts quicker than ever before. Managing data stores and accessing consumer and business data efficiently will make it possible for marketers and agencies to understand their consumers faster. I’d say real-time here, but that’s a pipe dream that doesn’t work in reality. It’s possible...

How to Innovate Faster in Marketing

It was Steve Jobs who coined the phrase, “Computers are like a bicycle for our minds”; suggesting that much like a bicycle, computers would help people move quicker to the destination once you apply effort. Jobs saw the computer as an enhancer to human capacity instead of a replacement. I have a similar belief that digital technology helps us enhance human potential in business instead of replacing it. In marketing, especially, we see that strong digital foundations and understanding helps marketers improve quicker, innovate smarter and understand customers deeper. When we look at digital, we segment it into pieces from primary technologies, social, mobile, data and The Internet of Things. In this article, I want to explore a simple question: how will data infrastructures help marketers become more innovative and agile? Almost every single marketer would agree that being able to innovate faster is an incredible competitive advantage in business. The trick is learning how to do this, and how to gear our marketing team correctly to achieve it. When it comes to data, we can learn from the IT industry and see how innovative businesses use IT infrastructures as a means to innovate. According to McKinsey, a two-speed system architecture is valuable in becoming more innovative and agile. This implies a fast-speed, customer-centric front end (speed of innovation) running alongside a slow-speed, transaction-focused legacy back end (speed of operation). For software-release cycles and deployment mechanisms, the customer-facing part should be modular, to enable quick deployment of new software by...

Designing a SMART Customer Experience

The digital world has disrupted our marketing worlds and changed the way business communicates with its customer. Social media has opened the door to two-way conversations, data gives us a better understanding of our market and mobile makes our message more accessible to the general consumer. Over the past few years we have placed much focus on developing digital channels to make the most of social media, mobile and data collection, however I believe that this focus has swung business to the opposite end of the pendulum. Focusing too much on digital channels and not the consumer themselves. Digital highlighted a primary shift that consumers wanted business to make. To become more relevant, personal, useful and thoughtful. To design products and experiences that are actually useful and exciting. In considering this challenge I have found that we need to redesign our customer experiences with these shifts in mind while still considering the person at the end of the experience. To find a balance between the physical and digital experience, to blend the two experiences into one serendipitous occasion that excites and intrigues customers. “SMART Customer Experience” is a framework that I have developed after research into a number of customer experience frameworks. It speaks to the technologies that matter and the need to find the right application in your experience. A simple acronym in SMART – Social, Mobile, Agile, Researched, Transforming. I would like to share three of these these briefly for you to consider in your customer experience design. Social ...

What does it take to succeed in a Digital World?

One of the biggest game changers in business (and life) this century has been the introduction of the internet. The internet created a world of connection, a world where its easier to connect and faster to connect. We’re connected to information and people which has lead to business moving quicker, consumers changing faster, messages spreading easier and business launching in less time than ever before. Today is the age where a new innovative competitor can rise within a year by tapping into the power of these connections, changing the way you do business tomorrow. We have seen this with Amazon, Zappo’s, Google, Facebook, Wikipedia, eBay and many other digital businesses. The connection economy, succeeded the information era about eight years ago with the invent of social media. Social media showed us it was possible to create and manage relationships online. In fact, it not only showed us we can but it helped us realise that this is something people have wanted for so long. A better way to connect. So its fair to say that any business that has utilised social media to connect with customers has done well recently, but many have been burnt by the social media world. Many business have declined using social media to connect with customers and have focused on providing strong mobile channels to deliver services and improve customer satisfaction. Almost every business will see benefits from digital connections between themselves and their customers and/or employees, but not every business needs to engage with...

Article Topics

Check Mike’s Availability for Your Event

  • Email Address
  • Phone Number
  • When is your event?
    DD slash MM slash YYYY
  • Any additional information?

Where People and Technology Meet